The Russian ruble rose in trading on April 10, reaching a high point for 2015.

The Russian currency traded as high as 50.27 to the dollar in the early afternoon before giving up some of its gains.

Since early February, the value of the ruble has increased around 30 percent after reaching a low of around 70 rubles to the dollar. This follows the currency's collapse in 2014, when the ruble lost 40 percent of its value.

Analysts say the ruble's recovery can be attributed to a lull in fighting in Ukraine plus high Russian interest rates, which makes investments in Russian bonds relatively more attractive.

They point out, however, that with world oil prices hovering near lows for the year, the higher ruble actually makes it harder for Russia to balance its domestic budget.

Dollar-denominated oil revenue, they say, translates into fewer rubles once it's converted and brought back into the country.